Business Report: Biden taps oil reserve, AC casinos report jump in profits

Biden initiative is an attempt to halt the rise in fuel prices

Rhonda Schaffler, Business Correspondent | November 23, 2021 | Business Report

President Joe Biden announced he will tap into the nation’s stockpile of oil to halt the rise in fuel prices and says other countries have agreed to do the same. The move, on Tuesday, comes as gas prices are hovering around $3.40 a gallon, a seven-year high. The Biden administration will release 50 million barrels of oil from the Strategic Petroleum Reserve.

Business continues to rebound at Atlantic City’s casinos. Gross operating profits more than doubled at the city’s nine casinos during the months of July, August and September. The state Division of Gaming Enforcement says the collective profit was $310 million. A year ago, profits were squeezed as the casinos dealt with pandemic-related restrictions. But there’s another reason for the higher profits — casinos are now operating with fewer workers. Jane Bokunewicz, director at Stockton University’s Lloyd Levenson Institute, says that raises the question of future employment at the casinos, with the possibility that some open jobs will ultimately be eliminated.

One casino is applauding the work of its employees as it marks a milestone. The Tropicana is celebrating its 40th anniversary and on Tuesday gave a shout-out to its team, saying much of the casino’s success is due to the service its workers deliver to guests. Fifty-four of its employees have been there since the beginning, back in 1981.

An Ohio jury is holding some of the country’s top pharmacies responsible for their role in the nation’s opioid crisis. The jury found three retail chains recklessly distributed massive amounts of pain pills in two Ohio counties and blamed them for not stopping the flow of pills that caused hundreds of overdose deaths. Retail chains CVS, Walgreens and Walmart argued it was doctors who controlled how many pills were prescribed.

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